Bill Text

Bill Information

PDF |Add To My Favorites |Track Bill | print page

AB-1259 Capital Access Loan Program: electric vehicles.(2017-2018)

SHARE THIS:share this bill in Facebookshare this bill in Twitter
Date Published: 04/27/2017 09:00 PM
AB1259:v97#DOCUMENT

Amended  IN  Assembly  April 27, 2017
Amended  IN  Assembly  March 30, 2017

CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill No. 1259


Introduced by Assembly Member Calderon

February 17, 2017


An act to add Section 44559.10 to the Health and Safety Code, relating to pollution control. the Capital Access Loan Program.


LEGISLATIVE COUNSEL'S DIGEST


AB 1259, as amended, Calderon. Capital Access Loan Program: electric vehicles.
The California Pollution Control Financing Authority Act establishes the California Pollution Control Financing Authority, with specified powers and duties, and authorizes the authority to approve financing for projects or pollution control facilities to prevent or reduce environmental pollution. The authority oversees the Capital Access Loan Program for small businesses to assist small businesses in financing the costs of complying with environmental mandates and the remediation of contamination on their properties
This bill would expand the Capital Access Loan Program to include the purchase or lease of an electric vehicle by low- and middle-income consumers and families, as specified.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 The Legislature finds and declares all of the following:
(a) Zero-emission and near-zero-emission vehicles can reduce the financial burden associated with fuel and maintenance costs.
(b) A lack of credit history, lack of access to credit, or poor credit history can prevent low- and moderate-income consumers from accessing capital at reasonable rates.
(c) A lack of access to capital at reasonable rates prevents many low- and moderate-income consumers from being able to take advantage of the growing fleet of zero-emission and near-zero-emission vehicles.
(d) A lack of access to capital at reasonable rates can prevent many low- and moderate-income consumers from participating in programs designed to increase access to zero-emission and near-zero-emission vehicles.
(e) Low- and moderate-income households that enjoy the fuel and maintenance cost savings associated with zero-emission and near-zero-emission vehicles are better situated to repay automotive loans and leases.
(f) Increasing access to capital at reasonable rates to help low- and moderate-income consumers enjoy the fuel and maintenance costs savings associated with zero-emission and near-zero-emission vehicles should help build household credit history and credit ratings.
(g) Low- and moderate-income consumers who obtain capital at reasonable rates and unexpectedly face financial hardship are better situated to maintain favorable credit history and credit ratings if they have access to payment assistance and loan modification tools and programs.

SEC. 2.

 Section 44559.10 is added to the Health and Safety Code, to read:

44559.10.
 The authority shall include in the program the purchase or lease of an electric vehicle. The electric vehicle purchase or lease component of the program shall include, but need not be be administered by the authority in consultation with the State Air Resources Board pursuant to guidelines developed by the authority and approved by the State Air Resources Board. The guidelines shall be consistent with the goals of the Charge Ahead California Initiative (Chapter 8.5 (commencing with Section 44258) of Part 5 of Division 26) described in subdivision (b) of Section 44258.4, and of the programs of that initiative described in paragraph (4) of subdivision (c) of Section 44258.4. The guidelines shall include, but not be limited to, all of the following:
(a) Eligibility shall be limited to low- and middle-income consumers and families, as established by the authority.
(b) The State Air Resources Board shall act as an independent contractor under the program, in order to establish Provide standards and loss reserve account and qualified loan criteria consistent with the regulatory goals of the California Global Warming Solutions Act of 2006 (Division 25.5 (commencing with Section 38500)) and other clean air statutes, for adoption by the authority in implementing this section.
(c) Provide for multiple sources of funding, including, but not limited to, the General Fund and the Greenhouse Gas Reduction Fund, created pursuant to Section 16428.8 of the Government Code.
(d) Provide for combined loans, including, but not limited to, multiple signatories for the same electric vehicle purchase.
(e) Coordinate with other state and federal rebate, tax credits, and incentives available for the purchase of an electric vehicle to be used in conjunction with the program and to be counted as a down payment or cash.
(f) Provide assistance to low- and middle-income consumers and families to gain access to more favorable lease terms.
(g) Provide consumer protections that include, but are not limited to, the following:
(1) A review of the applicant’s ability to afford the monthly payment of the loan.
(2) A provision prohibiting a participating lender from collecting from an applicant an amount of money for nonpayment that is in excess of the value, at the time of collection, of the electric vehicle purchased or leased with the assistance of the authority.